7.032% APR 

Compare Today's 15-Year Fixed Mortgage Rates

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Applied Filters: Good (720-739), 15-year fixed, Single family home, Primary residence
Applied Filters: Good (720-739), 15-year fixed, Single family home, Primary residence
License information5 results:
15-year fixed
NBKC
EXPLORE QUOTE
NBKC: NMLS#409631
Lowest APR
Lowest monthly payment
Great for first-time home buyers | digital convenience | customer service
Conventional 15-year fixed
NBKC
4.5
NerdWallet rating
APR
6.189% 
Interest rate
6.125% 
Mo. payment
$3,403 
Insurance $0
Total fees
$1,615 
About this lender
Visit lender's website | Call (888) 871-2381
Pros
  • Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.
  • Offers low rates and fees compared with other lenders, according to the latest federal data.
  • Displays customized rates, with fee estimates, without requiring contact information.
Cons
  • HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.
Central Bank: NMLS#407985Conventional 15-year fixed
Central Bank
4.0
NerdWallet rating
APR
6.272% 
Interest rate
6.25% 
Mo. payment
$3,430 
Insurance $0
Total fees
$560 
About this lender
Pros
  • Among the best when it comes to online convenience.
  • Offers a full selection of mortgage types and products, including jumbo, home equity, and government loans.
  • Claims to offer preapproval within 24 hours of loan application.
Cons
  • You'll have to complete a loan application to see mortgage interest rates.
  • Bank branch locations limited to the Midwest.
  • Does not offer home equity lines of credit.
First Federal Bank: NMLS#408902Conventional 15-year fixed
First Federal Bank
APR
6.284% 
Interest rate
6.25% 
Mo. payment
$3,430 
Insurance $0
Total fees
$863 
About this lender
Pros
  • Offers government-backed loans and some harder-to-find products, such as jumbo loans for investment and multifamily properties.
  • Home renovation loans are available.
  • Offers home equity loans and lines of credit.
Cons
  • Mortgage rates are not published online.
  • Bank branches are limited to eight states.
  • Consumers might have trouble finding contact information.
New American Funding: NMLS#6606
Great for first-time home buyers | customer service
Conventional 15-year fixed
New American Funding
APR
6.314% 
Interest rate
6.25% 
Mo. payment
$3,430 
Insurance $0
Total fees
$1,629 
Pros
  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
  • Its home equity line of credit can be used for an owner-occupied or second home.
  • Has a program to enable buyers to make cash offers.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • Mortgage origination fees tend to be on the high end.
  • Personalized mortgage rates are not available on the website without providing contact information.
Rocket Mortgage, LLC: NMLS#3030
Great for digital convenience | customer service
Conventional 15-year fixed
Rocket Mortgage, LLC
APR
7.551% 
Interest rate
7.5% 
Mo. payment
$3,709 
Insurance $0
Total fees
$1,250 
About this lender
Pros
  • Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
  • Offers the option to work with loan officers by phone if desired.
  • Largest FHA lender in the nation.
Cons
  • Getting a customized interest rate requires a credit check, which can affect your credit score.
  • Origination fees are on the high side compared with other lenders, according to the latest federal data.
  • Doesn't offer home equity lines of credit.

About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.


Mortgage rate trends (APR)

Document Icon

NerdWallet’s mortgage rate insight

6.206%

15-year fixed-rate

On Tuesday, May 28, 2024, the average APR on a 30-year fixed-rate mortgage fell 1 basis point to 7.032%. The average APR on a 15-year fixed-rate mortgage rose 1 basis point to 6.206% and the average APR for a 5-year adjustable-rate mortgage (ARM) rose 2 basis points to 7.822%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 13 basis points higher than one week ago and 12 basis points lower than one year ago.

A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.

Current mortgage and refinance rates

ProductInterest RateAPR
30-year fixed-rate6.955%7.032%
20-year fixed-rate6.686%6.786%
15-year fixed-rate6.082%6.206%
10-year fixed-rate5.882%6.075%
7-year ARM6.829%7.643%
5-year ARM6.864%7.822%
3-year ARM8.125%8.355%
30-year fixed-rate FHA6.151%6.913%
30-year fixed-rate VA6.047%6.430%

Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use

Best Mortgage Lenders

Lender
NerdWallet Rating
Min. credit score
Min. down payment
Learn more
NBKC

NBKC: NMLS#409631

Learn more
at NBKC
at NBKC
FHA loans
Best for FHA and VA loans

620

3.5%

Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

Learn more
at Rocket Mortgage, LLC
at Rocket Mortgage, LLC
4.0
/5
Home loans overall
Best for refinancing

620

1%

Learn more
at Rocket Mortgage, LLC
at Rocket Mortgage, LLC
Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0
/5
Home loans overall
Best for first-time home buyers, jumbo loans and HELOCs

620

3%

Alliant

Alliant: NMLS#197185

Read review
5.0
/5
Jumbo loans
Best for jumbo loans and cash-out refinancing

620

5%

Andrews Federal Credit Union

Andrews Federal Credit Union: NMLS#410421

5.0
/5
Home loans overall
Best for first-time home buyers

620

3%

A Beginner’s Guide to 15-Year Mortgages
Holden Lewis
By
Last updated on May 10, 2024
Reviewed by
Edited by
✅ Fact checked
Michelle Blackford
Reviewed by
Alice Holbrook
Edited by
✅ Fact checked

What is a 15-year fixed-rate mortgage?

A 15-year fixed-rate mortgage is a home loan that keeps the same interest rate and monthly principal-and-interest payment over the 15-year loan period. 15-year mortgages can be used to buy a home or to refinance an existing home loan.

15-year mortgages usually have lower interest rates than 30-year mortgages, but the monthly payments tend to be higher because borrowers repay the money in half the time. However, because borrowers pay off 15-year mortgages faster, they’ll pay less interest over the life of the loan.

The 15-year mortgage is a popular option among homeowners who refinance out of their 30-year purchase mortgages.

How to find current 15-year mortgage rates

NerdWallet’s mortgage rate tool can help you find competitive 15-year fixed mortgage rates. In the filters above, enter a few details about the loan you’re looking for, and you can see rate quotes without providing personal information.

Mortgage rates vary daily and are influenced by the economy’s overall rate of growth, the inflation rate and the health of the job market. Unpredictable events can affect all of those factors. NerdWallet’s mortgage interest rates forecast gives a snapshot of current trends, along with a forecast for the month.

15-year mortgage rates vary by lender

Each lender offers its own combination of interest rate and fees, so you can save money by comparison shopping and applying with multiple lenders.

After you submit complete mortgage applications, each lender will provide you with a Loan Estimate form. This will let you compare interest rates, origination fees and closing costs and give you confidence that you’re getting the right loan for your situation.

Is it worth refinancing to a 15-year mortgage?

You build home equity faster with a 15-year mortgage than with a 30-year mortgage, and you’ll pay less interest over the life of the loan with a 15-year mortgage. But the monthly mortgage payment will be higher, potentially squeezing your household budget.

In short, a 15-year mortgage makes you pay more every month, but it can save you money in the long run. It's a trade-off that requires you to make a judgment call.

15-year fixed mortgage: Pros and cons

Pros

  • Average interest rates are lower for 15-year mortgages than for home loans with longer terms.

  • You save money with a 15-year mortgage because you pay interest for fewer years.

  • You build equity faster with a 15-year mortgage.

Cons

  • Monthly payments for a 15-year mortgage are higher than for a mortgage with a longer term.

  • The higher monthly payments on a 15-year mortgage will mean you’ll qualify for a less-expensive home than if you stretched out the loan to 20 or 30 years.

  • Because of the higher monthly payment, you’ll have less money available for other investments, such as retirement accounts.

Learn more about fixed-rate loans:


About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.

NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.

Freddie Mac. Refinance Trends in the First Half of 2021. Accessed May 9, 2024.

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